NZ stocks fall from record high

New Zealand shares have fallen from a record high, led by Trade Me Group and Orion Health Group, as investors await earnings season for evidence of what is driving high valuations.

The S&P/NZX 50 Index fell 6.92 points, or 0.1 per cent, to 7310.390 on Tuesday, having gained about 16 per cent this year. Within the index 27 stocks fell, 18 rose and six were unchanged. Turnover was $137 million.

It's the first time the market has fallen since June 24 when the result of the British referendum on the European Union became clear.

Trade Me, the auction website, fell 2.8 per cent to $5.24. Orion declined 2.1 per cent to $4.75. The stocks have gained 26 per cent and 48 per cent respectively this year, two of the three biggest gainers on the index.

Fletcher Building, which has gained 28 per cent this year, was unchanged at $9.40.

With little corporate news ahead of earnings season, and little in the way of profit warnings to change expectations, equity investors are keeping an eye on central bank activity, especially the outcome of the US Federal Reserve's latest meeting this week.

"This week is very much wait and see," said Greg Smith, head of research at Fat Prophets. "But when you boil it down, equities are pretty appealing when you look at the alternatives."

The lack of profit warnings in the run up to earnings season next month meant there was a belief that earnings season is going to be a pretty decent one, he said.